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How to check your credit report with CTOS?

What is a credit report?

Basically not everyone has a big pile of cash sitting in the bank for when they need to make big purchases such as buying a car or a house. According to Cambridge English Dictionary, a credit report is a document that contains a person’s or company’s record of debt and payment of debt over a period of time.

When you apply for credit facilities, banks and financial institutions will often verify your status with credit reporting agencies such as CTOS. These agencies will provide them with your credit history to help them evaluate your application. Likewise, individuals and businesses can turn to CTOS to check and monitor their own credit profiles and that of others before committing to important financial decisions.

CTOS is Malaysia’s leading Credit Reporting Agency (CRA) that provides credits information to businesses and individuals. CTOS collects information from various public sources that include:

National Registration Department (NRD)

Registrar of Societies

Publications of legal proceedings and notices in newspapers and government gazettes

Companies Commission of Malaysia (CCM)

Malaysia Insolvency Department

Subscribers’ contribution of litigation records

You can get a CTOS Self-Check Report (MyCTOS Report) online at their website. The self-check report is comprehensive, detailing identity verification, business exposure, directorships and business ownerships. It also contains details of legal actions, case statuses as well as bankruptcy information.

Get MyCTOS Report from CTOS

To get the MyCTOS report, first, you need to register at CTOS’s website. You will have to key in your new IC number, email, your language preference and click Next.

Then, an email will be sent to your email to confirm your identity. You will have to open up that email and activate your account. Upon activation of your CTOS account, one FREE copy of the report will be sent to you. Besides that, all verified users will also receive a FREE MyCTOS report in January and July. The free report only shows basic credit information and the paid report will contain more detailed credit information, which includes Banking Payment History (CCRIS & DCHEQs) and the CTOS score. If you want to use the paid services, it is RM26.50 including GST.

*CTOS score is the credit score for individuals that provides an evaluation of a consumer’s credit risk. The score is presented in the form of a 3-digit number ranging from 300 to 850. The higher the score, the lower the credit risk.

Benefits of Having A Credit Score

A good CTOS credit score can benefit you in few ways:

Increase your chances of getting a loan

Speedier loan approval

Facilitate personal financial planning

Monitor the status of your credit health

More credit is available

Get fairer credit decisions

By knowing your CTOS credit score, you will always be on top of your financial status, which in turn makes it easier for you to maintain or improve it. Having a good record will help you a lot when you are applying for certain credit products such as credit cards and loans. For more information, you can go to CTOS website.

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